3i Group (III) Q1 2026 TU earnings summary

Executive summary

• NAV per share rose to 2,711 pence as of 30 June 2025, up from 2,542 pence at 31 March 2025, with a total return of 7% for the quarter, aided by a £392 million positive FX impact.

• Private Equity and Infrastructure portfolios performed in line with expectations, with notable value creation from the MPM sale and strong Action results.

• Action achieved significant milestones, including its 3000th store and successful entry into Switzerland.

Financial highlights

• Action's net sales for the six months to 29 June 2025 were €7,340 million, up 18% year-over-year; operating EBITDA was €980 million, up 16% year-over-year, despite a €26 million one-off employee payment.

• Group total return for the quarter was 7%, with a foreign exchange translation gain of £392 million.

• The sale of MPM is expected to generate gross proceeds of approximately £400 million, a 3.2x money multiple and 29% IRR.

• 3i Infrastructure plc's share price increased by 8% in the quarter, with £17 million in dividend income recognized.

• Cash at 30 June 2025 was £428 million, with net debt at £776 million and gearing at 3%.

Outlook and guidance

• The group remains cautious on new investment pricing due to ongoing macroeconomic and geopolitical uncertainty.

• Action is on track to meet its target of 370 new stores for the year.